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deductions on salary increase

Posted 29 April 2016 under Tax Q&A


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Anonymous says:
26 April 2016 at 11:45

My company would like to offer me an increase. I have the choice of a straight bump-up or I can choose if there are specific benefits I would like that will have a benefit for me (additional money in pocket) and that will be beneficial for them (perhaps less tax they need to pay). I earn a straight salary without any travel allowance or any other benefits that is deducted. Please advise on what would be the best for me and for them?

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TaxTim TaxTim says:
28 April 2016 at 11:42

Do you travel for work?

Anonymous says:
28 April 2016 at 11:45

Not much. Not every month. But when I do its also small distances. 100-300km per month at most.

TaxTim TaxTim says:
29 April 2016 at 11:54

You could consider a retirement benefit plan (i.e. pension or provident) which would be a way of saving for the future and it would also result in a tax saving as you could deduct the monthly contributions from your income.
Do you have medical aid?


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